COMPANIES
Resources
Principal content
L&G set to appoint John Stewart as chairman
The UK’s third largest life and pensions company is on the verge of appointing John Stewart, the former head of National Australia Bank, as its new chairman, pending FSA approval
L&G close to finding chairman
The life and pensions group, has identified its preferred candidate to become chairman and hopes to make an appointment within days
Chinatrust to buy Nan Shan Life stake
Taiwan’s Chinatrust Financial is set to pay $660m for a 30 per cent stake in Nan Shan Life Insurance, just a month after it was defeated in its bid to buy the AIG subsidiary
Rising inflows boost Fortis
Belgian insurance group Fortis, broken up as one of Europe’s largest victims of the financial crisis, reports net profit of €196m and says it expects 2009 inflows to at least match last year’s levels
Geithner under fire over AIG payments
The New York Federal Reserve under Tim Geithner ‘severely limited its ability’ to extract concessions from AIG’s counterparties in talks that ended with $27.1bn of public money transferred to the likes of Société Générale and Goldman Sachs, according to a government watchdog
Amlin remains hopeful
Signs of improving UK commercial motor insurance premiums make the largest listed Lloyd’s of London insurer optimistic even as catastrophe-related rates look likely to stagnate
MMC agrees to settle lawsuit
Marsh & McLennan, one the world’s largest insurance brokers, said it will pay $400m to settle a class-action case brought by investors who claimed the group made ‘false and misleading statements’
EU delays adoption of accounting rule changes
Brussels holds back the radical overhaul covering banks and insurers which came into force across most of the rest of the world amid a split over asset valuation under the new rules
Myners backs insurers on EU capital rules
Lord Myners, the city minister, says new European capital rules for insurance companies could discourage people from saving for retirement by cutting the value of pensions
Aegon returns to profit
The Dutch insurer signalled confidence about scrutiny from the European Commission over the €3bn in state aid it received as it reported a return to profit in the third quarter that nonetheless missed analyst expectations






